WAUSAU Financial Systems Included on FinTech Forward 100 For Ninth Year in a Row

Posted by Marcus Sanford on Jan 6, 2015 1:00:00 PM

WAUSAU Financial Systems, a provider of best-in-class financial technology, services and solutions, and a Deluxe Corporation company, has been named a member of the 2014 FinTech Forward 100 list of the leading financial technology providers in the world. A collaboration of American Banker and BAI, the list was released today at the BAI Retail Delivery Conference in Chicago. WAUSAU was designated No. 86 on the Top 100, up 4 places compared with the 2013 rankings.

Topics: Banking

Making Sense of a Lockbox Strategy in a Declining Check Market

Posted by Marcus Sanford on Jan 6, 2015 11:00:00 AM

Dan OswaldBy Dan Oswald
VP, Business Development

To many of us, it feels natural that when uncertainty is certain, instinctual action and critical decisions often result in deferment. We hope that clarity arrives and bestows wisdom. But too often, prudent courses of action are bogged down with hesitancy, indecisiveness, and organizational consensus to review again later. In other words, let’s park the car until we have a better view of the best route.

The problem is you’re racing against time. The longer you wait, the more likely you will be dissatisfied with your finish. Many of today’s payment operations executives are facing the same dilemma, no matter the size or complexity of the problem at hand.

Treasury executives facing array of challenges
Treasury executives know all too well the challenges of building an acceptable business case for modernizing the in-house lockbox operations, given their capital preservation needs and financial return requirements. With an array of competing priorities and the realities of finite capital resources at their disposal, it’s understandable that many institutions park the car waiting for a better route to appear.

Read the full article at Bank Systems & Technology

Topics: Outsourcing Lockbox, Banking

AFP 2014: Banks Still Determining the Path Forward

Posted by Marcus Sanford on Jan 6, 2015 9:25:20 AM

LarryBuettnerPicBWBy Lawrence Buettner
SVP Innovation

Former Federal Reserve chairman Ben Bernanke opened the 2014 AFP conference with a riveting litany of insights about the 2008 financial crisis. He touched on behind-the-scenes events and issues during one of the bleakest periods of American financial history. Any new book from him should prove to be a must-read for those interested in the inner workings and handling of these extraordinary events. History, of course, will serve to determine if the path taken during the crisis should be deemed savior or elixir. Regardless, the man at the helm exhibited composure and intellect.

The legacy of the financial crisis and the subsequent upswing in financial regulations is still being felt. The recent Basel III liquidity coverage ratio (LCR) clarifications are the most recent regulatory crucible that senior bank managers are grappling with. It will become clearer in the next few months how they will adjust their product portfolios through disinvestment of products or customers' usage patterns that cause conflict with the LCR requirements.

While LCR implications have been top of mind, the tone at AFP was far more positive and forward-looking than in past years, when bankers viewed upcoming years as a period of increased discontinuity. For example, the dialogue around the Federal Reserve’s faster payments vision has prompted senior managers to rethink the implications of faster payments on their product infrastructures. The Fed’s new payment vision, NACHA’s speedier automated clearing house payments, and the Clearinghouse’s intent to offer its own alternative to faster payments has the CEOs of the 20 largest banks’ attention.

Read the full article at Bank Systems & Technology

Topics: Banking

Where Are Your RDC Deposits Coming From?

Posted by Jason Olson on Aug 28, 2014 8:45:00 AM

Jason pic

By Jason Olson
Solution Manager

Over the past couple years, as remote deposit capture (RDC) has become more mainstream, financial institutions have been very focused on developing risk management programs that offer protection against fraudulent RDC transactions, as well as satisfy regulatory requirements. The majority of financial institutions today have some form of RDC risk management program in place. However, just as technology becomes more sophisticated and complex, so do the requirements from federal regulators. In recent exams many banks have been cautioned that their risk management solutions and programs are not meeting some of the more recent FFIEC, regulatory and auditing requirements that have been put in place around RDC.

So, What’s Missing?

Regulators are beginning to integrate RDC into Know Your Customer (KYC) and Anti-Money Laundering (AML) controls and regulations. One condition of the KYC regulation states financial institutions must better understand customers through identifying deposit locations. In an effort to prevent fraud and money laundering, regulators want banks to know where their items are being captured, and are demanding that information be tracked for compliance.

The majority of financial institutions, even though they have a respectable risk management program in place, don’t have the technology in place to be able to identify exactly where their RDC deposits were captured.

The technology didn’t even exist . . . until now.

In response to market demand, WAUSAU designed and introduced Location Awareness, an add-on to the Risk Monitoring module of our Deposit 24/7 Merchant™ solution, to help banks track capture location information for regulatory compliance.

How Location Awareness Works
Location Awareness tracks the IP address of the location from which the check was captured and alerts the bank if a capture is made from an unexpected location, providing greater visibility to possible fraudulent activities. The bank then has the opportunity to review the suspicious transaction and determine whether or not any action is required.

Another key feature of the solution is that it’s scanner-agnostic. So, even organizations that use scanners from multiple vendors can benefit from Location Awareness. This measure also helps banks provide information to auditors faster, protects them from fraudulent activity and helps them to meet internal and external audits.

Banks Recognize the Importance of Location Awareness
Based on their RDC related needs and their desire to improve their risk monitoring functionality to meet regulatory and compliance requirements , First Tennessee Bank, a recognized pioneer in RDC, was the first bank to partner with WAUSAU and take our solution to market.

“We needed a solution that would help us remain compliant with recent FFIEC and AML mandates,” said Karen Doyle, senior vice president and senior product manager, Treasury Management Services. “Location Awareness will help us stay ahead of the curve in terms of regulations thanks to its RDC tracking functionality. This was an important factor in the partner decision process.” To read more about First Tennessee Bank, click here.

Are You Looking to Ace Your Next RDC Exam?

For additional information regarding our new Location Awareness technology, please contact a WAUSAU representative for a demonstration of our innovative solution.

Topics: auditing, RDC, Remote Deposit Capture, Location Awareness, regulation, AML, KYC

Can Utilities' Payments Infrastructure Keep Up with Today's Challenges?

Posted by Marcus Sanford on Aug 12, 2014 11:09:00 AM

Marcus-Sanford-Headshot1By Marcus Sanford
Marketing Campaign Manager - Strategic Solutions

The world of receivables processing is changing rapidly and utilities are definitely feeling the pressure. Demands for faster, leaner processing are driving these changes, along with a rapidly changing payments mix from mostly paper checks to a proliferation of different electronic methods.

With layers of outdated payments systems from years of operation, mergers and acquisitions, it's no wonder receivables departments are struggling to meet today's challenges. While some utility companies have made the strategic business decision to outsource their payment processing to a third party, others are taking a different approach that delivers performance beyond what outsourcers can deliver: moving to an in-house or hosted integrated receivables platform.

By keeping processing in-house, or using a Software as a Service (Saas) model, organizations can consolidate their infrastructure with a single receivables automation solution that has allowed many utilities to see big gains in efficiency. For example, Xcel Energy cut its banking fees 53% and increased same day deposits by one third. Other utilities have found in-house or SaaS processing to have a lower cost of ownership than outsourcing. After replacing many outdated systems with a WAUSAU integrated receivables solution, Verizon is now able to process 99% of payments the same day they come in, and keep their payments operation running even during natural disasters like Super Storm Sandy.

Hear what Mike Coyne, Verizon's Director of Finance Operations, had to say about working with WAUSAU:

Contact us to learn more of our insights from 20+ years of serving many of the largest utility companies in the United States.

10 Ways To Ace Your Remote Deposit Capture Audit

Posted by Trudy Lotter on Jul 29, 2014 8:00:00 AM


By Trudy Lotter
Strategic Sales Consultant

WAUSAU’s webinar, Mobile RDC & More: Minimizing Risk AND Acing Your Audit, hosted by RemoteDepositCapture.com, featured WAUSAU customers, Susquehanna Bancshares, Inc. and Texas Citizens Bank. This one-hour session focused on best practices around preparing for an RDC audit and the risk management tools banks depend on today. If you missed the debut of this webcast, simply click on the above hyperlink to view it at your convenience.

The impressive number of attendees at this webinar is a clear indicator of just how important getting an insiders’ view of RDC audits is right now. We learned a lot since the Federal Financial Institutions Examination Council’s guidelines for “Risk Management of Remote Deposit Capture” were released in 2009. We had some false starts, some deliberate slowdowns and a great deal of discussion on what was needed in order to safely and responsibly offer this service.

Today, we are still seeing growth in scanner-based capture but our attention has turned to mobile capture. We are asking ourselves how we can make sure we are leveraging the lessons we learned with scanner-based capture to avoid experiencing the same audit trials for mobile capture.

Let’s take a look at the top 10 recommendations from two of your peers who have “aced” their RDC audits.

  1. Develop an RDC policy that your board reviews and approves annually.

  2. Adhere to your policies and procedures and be prepared to provide evidence that you are following them.

  3. Incorporate RDC into your business continuity plan to address RDC systems and business practices and assess whether restoration of systems and processes meet recovery objectives and time frames.

  4. Develop a formal RDC risk assessment program and conduct a yearly review to ensure it covers any changes in market area or customer base.

  5. Create a risk assessment matrix to define, analyze, and mitigate potential risks.

  6. Develop a comprehensive RDC deposit agreement that specifies customer responsibilities, including the customer’s role in security and document retention requirements.

  7. Implement a customer qualification and due diligence process for customer onboarding and annual account reviews.

  8. Monitor customer deposit activity to identify, track, and monitor anomalies and to provide evidence that you are acting on anomalies in accordance with your RDC policy and risk assessment.

  9. Establish a system for duplicate detection, preferably one that looks for possible duplicates across all your deposit capture solutions.

  10. Leverage technology that allows you to automate deposit behavior rules, monitoring, tracking, and reviewing.

To continue “acing” your RDC audits as you expand your services to include mobile deposit, consider these recommendations. After all, we’ve been there and done that. Let’s leverage what we know and build on it to ensure our success.

For a more detailed look into RDC audit best practices from Susquehanna Bancshares, Inc. and Texas Citizens Bank, make sure to  download our complimentary white paper - Acing Your Remote Deposit Capture Audit: Lessons from Bankers Who Have “Been There and Done That!”


Topics: auditing, RDC, Remote Deposit Capture

Bank Tech—"ISO 20022: If It’s Not Broke, Fix It?"

Posted by Amelia Ruzek on Jul 17, 2014 12:36:00 PM

Check out this Bank Systems and Technology article written by Lawrence Buettner!

The brave new world of electronic B2B payments is not shaping up to be a utopia. Just because check payments are slowly going away, does not mean the same applies to payments issues. In fact, the rise and mass adoption of electronic payments creates new problems for businessesread more

Topics: Outsourcing Payment Processing, Banking, remote capture

Solve the Headache of Managing Electronic Payments

Posted by Marcus Sanford on Jun 19, 2014 1:44:00 PM

Marcus SanfordBy Marcus Sanford
Marketing Campaign Manager - Strategic Solutions

Business to business payments are now increasingly being made by methods other than paper check. In fact, a 2013 Fed study indicates business check payments declined 9.2% from 2009-2012. This represents a sea change in the payment mix, as B2B receivables, unlike consumer payments, have traditionally been resistant to this industry trend. Our chart below illustrates how usage of paper checks for both consumer and business payments are declining.

Check Payments Decline B2B and C2B 
The shift to a broader mix of payment types, especially electronic methods, is on. In 2013, a  survey by the Remittance Coalition found that 90 percent of respondents wanted to accept more e-payments and less paper checks. However, the shift to electronic methods has caused new headaches for processors.
Problems that were previously considered "solved" by traditional receivables systems such as matching a payment to a separate invoice have returned to the forefront, with electronic payments being sent by ACH, Wire, or other means without payment information, or that information coming into a business separately by web portal, email or even that old standby, the fax. The result can be even more exceptions than were occurring with paper payments.
Fortunately, there is a solution at hand to managing the proliferation of payment types and eliminating exceptions when dealing with e-payments - integrated receivables. Integrated receivables technology can assist with matching payments to separate payment information, provide visibility into receivables from all channels in one combined view, and help organizations develop new insights into their payments and cash flow.
To learn more, download our recent white paper: How an Integrated Receivables Solution Eliminates the Barriers to Electronic Payments.

Topics: Remittance Processing, Integrated Receivables, Wholesale Lockbox, DSO, corporate receivables

Remote Deposit Capture Update from Bob Meara: An Industry Voice

Posted by Amelia Ruzek on Jun 6, 2014 11:56:00 AM

Jason OlsonBy Jason Olson
Solution Manager

At our 25th Annual Customer Conference in April, we hosted Bob Meara, senior analyst at Celent’s Banking Group. An expert in the remote deposit capture (RDC) space, we’ve worked with Bob for many years and were humbled to recently receive the XCelent Service Award in the 2013 ABCD Vendor View report (thanks, Bob!). Having followed the technology since its inception and launching a series of Check 21 Act payments solutions prior to joining Celent, Bob is truly seen as an industry leader in both the RDC space and the broader banking technology industry.

In his session titled “Distributed Capture Update: A Medley of Insights,” Bob addressed the state of the RDC and teller capture industry, as well as what’s to come for the solution, which celebrates its tenth anniversary this year. We’re sharing below our favorite takeaways from Bob’s session:

Teller Capture Adoption is on the rise, again. While branch capture adoption virtually came to a halt in 2010, the past two years have seen a significant increase in teller capture usage, particularly in banks with asset size upwards of $50 billion. As brick and mortar branches are on the decline, branch transformation initiatives will drive teller capture adoption moving forward.

Mobile RDC (mRDC) is heating up for small and medium businesses (SMBs). While only 11 percent of respondents to Celent’s financial institution survey offer a mobile RDC option for commercial clients, Celent projects this is the next wave of adoption, focusing on small banks who might re-think commercial mRDC for SMB customers.

Deposit risk will increase as RDC continues to gain traction. And not just for mRDC. Bob noted vigilance against fraud is necessary across the enterprise. Notably, risk and compliance challenges have become less overwhelming for banks. Since 2012, banks have shifted their SMB customer priorities away from improving risk management and regulatory compliance, making way for what really matters – increasing client adoption for fee revenue and deposit growth. Bob recently published a risk-related blog post for Celent based on a session he attended at WAUSAU’s Customer Conference.

Pricing is polarizing for mRDC and risk capabilities. A major barrier for mRDC and risk monitoring adoption is cost. More than half of survey respondents (51 percent) would expect a free mRDC solution in conjunction with their existing RDC solution to maximize client adoption. Steep costs also prevent banks from adding risk management solutions. While many banks have expressed interested in interbank RDC risk management, Celent suspects banks’ assumptions around pricing limit appeal.

We’re happy to see Bob’s projections for RDC align closely with WAUSAU’s views of the space. Earlier this year, I contributed an article with my predictions for RDC in RemoteDepositCapture.com’s special report that marked the 10 year anniversary of the Check 21 Act. In it, I highlighted the future of mRDC adoption, the opportunity for small businesses and identified price as a barrier to adoption.

Topics: Paperless Bank, wausau financial systems, Mobile Remote Deposit Capture, Mobile RDC, Paperless Treasury, Treasury Management, mobile deposit, remote capture, Remote Deposit Capture

What's Your Route to Integrated Receivables?

Posted by Marcus Sanford on May 13, 2014 11:27:00 AM

Marcus SanfordBy Marcus Sanford
Commercial Content Manager

Integrated Receivables remains an area of top interest for banks and their customers. Corporations are continuing to look into deploying integrated receivables as a way to improve their payments processes - Aite Group finds that 60 percent are unhappy with their current systems. It's no wonder, then, that 43 percent of banks surveyed by CEB TowerGroup in 2013 saw competitive advantage as the top value of investing in an integrated receivables hub.

TSI Business Case for Integrated Receivables

The key question for financial institutions, then is how to get there. Deploying integrated receivables in an effective manner is vital to realize this largely untapped revenue opportunity. With the need to get to market quickly but IT resources already under tremendous strain, what route makes the most sense?

Download our Treasury Strategies report excerpt to examine the business case for integrated receivables - and then talk to us to discuss the full report in depth along with information on flexible new deployment options - including full outsourcing, co-sourced outsourcing, and cloud (SaaS) models - that could make deploying integrated receivables more feasible for many banks.

Topics: Outsourcing Payment Processing, Integrated Receivables, Accounts Receivable Processing, corporate receivables, receivables solution